Global Truck and Bus Radial Tyres Market was valued at USD 3.21 Billion in 2022 and is projected to reach USD 4.39 Billion by 2030, growing at a CAGR of 4.2% from 2024 to 2030.
The truck and bus radial tyres market has witnessed significant growth in recent years, driven by the rise in road transport activities and the demand for durable, fuel-efficient tyres. Radial tyres, known for their strength, durability, and superior performance, have become the go-to choice for commercial vehicles like trucks and buses. As businesses and industries expand, the demand for tyres capable of handling long-haul journeys and heavy loads has surged. These tyres are designed with a steel belt layer that runs radially across the tyre, providing enhanced safety, stability, and fuel efficiency. In fact, the radial tyre market for commercial vehicles is expected to continue its upward trajectory in the coming years, spurred by technological advancements and an increased focus on sustainability. The main driving factors for the market include an increase in long-distance transport, growth in e-commerce, and the rising importance of energy-efficient solutions. The growing demand for radial tyres is also reflected in the shift from bias ply tyres, as radial tyres offer improved grip, less rolling resistance, and greater longevity. This makes them a cost-effective choice in the long run, despite their higher initial investment. Additionally, the global shift toward sustainability and the growing concern for reducing carbon emissions has led manufacturers to produce eco-friendly tyres with lower rolling resistance, further boosting the market's growth. Several key players dominate the truck and bus radial tyre market, including Michelin, Bridgestone, and Goodyear. These companies are continuously innovating and investing in research and development to improve the performance and durability of their tyres. The Asia-Pacific region, particularly China and India, holds a significant share in the global market due to the high demand for commercial vehicles and increasing industrialization.
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Bridgestone
Michelin
Goodyear
Continental
ZC Rubber
Sumitomo Rubber
Xingyuan group
Linglong Tire
Hankook
Double Coin
Prometeon Tyre Group
Aeolus Tyre
Giti Tire
Cheng Shin Rubber
Yokohama
Triangle Tire Group
Sailun Group
KUMHO TIRE
Toyo Tires
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Truck and Bus Radial Tyres Market
Truck
Bus
Based on Types the Market is categorized into Below types that held the largest Truck and Bus Radial Tyres market share In 2023.
Replacement Tyre
OEM Tyre
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Truck and Bus Radial Tyres Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Truck and Bus Radial Tyres Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Truck and Bus Radial Tyres Market, By Type
6. Global Truck and Bus Radial Tyres Market, By Application
7. Global Truck and Bus Radial Tyres Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Truck and Bus Radial Tyres Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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